Tesla Might Accept Dogecoin as Payment for Its EVs

"Do you want Tesla to accept Doge?" This simple yes or no answer was asked by none other than the Twitter King, Elon Musk. 

Unsurprisingly, just two hours after his post and by the time of this writing, Musk had already received over 2.2 million responses. 

The meme-inspired cryptocurrency in question, Dogecoin, has garnered a fair amount of attention lately, and mostly thanks to Musk. Depending on what Musk says about the cryptocurrency, Dogecoin's popularity, and price jump up and down like an excited toddler in a candy store. 

For instance, just this past weekend when Musk appeared on Saturday Night Live (SNL) and mentioned Dogecoin, the cryptocurrency's value plummeted from 70 cents at the start of the show down to 44 cents early on Sunday. As of today, May 11, Dogecoin's value has risen slightly, back up to 51 cents, as CoinMarketCap displays.

Do you want Tesla to accept Doge?

— Elon Musk (@elonmusk) May 11, 2021

Cryptocurrencies are known for being volatile, and in Dogecoin's case alone it's jumped up over 12,000 percent since January, according to CNN.

But even though Dogecoin is volatile, it's still part of the five largest cryptocurrencies in the world among the infamous Bitcoin, Ethereum, and Binance Coin, and others, as CoinMarketCap displays.

Cryptocurrencies as a new method of payment

Musk has already joined the cryptocurrency bandwagon by enabling his companies to accept some of them as a new form of payment.

Tesla, for example, invested $1.5 billion in Bitcoin in February, and now accepts Bitcoin as a method of payment for its EVs. Another company Musk owns, SpaceX, has also been leaning more and more towards cryptocurrencies, as it announced yesterday, May 10, that it will be paying for part of its lunar mission in 2022 with Dogecoin.

Musk isn't the only CEO to be looking into these methods of payments, another big name in the name is eBay's CEO Jamie Iannone announced just last week, May 4, that the massive e-commerce company would be looking into incorporating cryptocurrencies as a form of potential payment in the future. 

So, it would come as relatively little surprise if Tesla also started accepting Dogecoin alongside Bitcoin as payment for its EVs. Time will tell, or a more likely scenario will be that Musk tells us by voraciously typing the news as a Twitter post.